機構投資人持股增減與其所投資公司碳排變動關聯之探究

Abstract

本研究探討機構投資人持股比例變化與公司碳排放績效變動是否存在動態關聯。過往文獻多聚焦於機構投資人持股與公司CSR表現間關係，缺乏觀察個別投資人持股標的之碳排變動是否具一致性？既有標的平均為低(高)碳排者是否於其增加持股後被投資公司之碳排改善較大(小)？

本文以1993年至2024年間美國上市公司為研究對象，結合美國證券交易委員會（SEC）13F報告中揭露之季機構投資人持股比例，與Refinitiv ESG資料庫中年度碳排放績效分數（E_SCORE），建構對應資料。四項假說模型含括機構投資人持股標的碳排變動一致性、投資組合內各公司碳排績效趨同影響、持股前後比例變動與績效變動、機構投資人投資偏好等面向。實證結果顯示，機構投資人所持公司碳排放績效存在一致性與同步改善效果，持股比例增加亦與後續碳排放績效提升正向關聯，此外，機構投資人傾向選擇碳績效較佳或與其既有持股表現相近之公司進行投資。

本研究補充現有文獻在「個別機構投資人持股動態與其投資標的碳排放績效之一致性與趨同性」實證缺口，顯示投資人持股比例變動與永續投資偏好影響企業環境績效。

This study aims to explore whether changes in institutional ownership are dynamically associated with variations in corporate carbon emission performance. It is in contrast to prior studies, which largely focus on the relationship between institutional ownership levels and firms’ overall CSR performance. This study explores (1) for each specific institutional investor, would the changes in carbon emissions of its investee companies appear to be consistent? and (2) whether there would be a more (less) pronounced reduction in carbon emission from a firm accompanying the increase in shareholdings by the institutional investor under which the other existing investee firms emitting less (more) carbon than the others? Using data on U.S. publicly listed companies between 1993 and 2024, this study matches quarterly institutional ownership disclosed in the SEC Form 13F reports with annual carbon emission performance scores from the Refinitiv ESG database to construct a panel dataset. The four hypotheses tested include consistency in carbon emission changes among the firms sharing the same institutional investor, convergence of carbon outcomes within investment portfolios, the impact of pre- and post-investment ownership changes on emissions performance, and preferences for sustainable investments by institutional investors. Empirical results show that firms sharing the same institutional investors exhibit significant consistency and synchronized improvement in carbon performance. Increases in ownership stakes are positively associated with subsequent enhancements in emission performance. Moreover, institutional investors tend to select companies with superior or similar carbon emission profiles compared to their existing holdings. This study complements existing literature by investigating the consistency and convergence in carbon emission among the firms sharing the same institutional investor, highlighting the non-trivial role of ownership adjustments and large shareholders’ sustainability preferences in driving firms’ environmental outcomes.